H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating and $26.75 price target on Uranium Energy Corp (NYSE: UEC).

The analyst commented: "During the quarter, the company recorded no revenue and incurred a net loss of $52.3M, or ($0.11) per share. This compares to no revenue in FY3Q25 and a net loss of $30.2M, or ($0.07) per share. Overall production at Christensen Ranch totaled 146,550 lbs U3O8, while the company commenced operations at Burke Hollow. Management elected not to sell uranium into the spot market during the quarter, which should further support future production growth. In short, we believe that management is preserving its purchased uranium inventory and waiting for stronger uranium prices before pursuing spot sales. This is easy to do given UEC's current liquidity position which provides extensive financial flexibility. The firm has roughly 1.5Mlbs of U3O8 in its inventory, which should offer strong margins on future sales based on current spot prices of $86/lb. Going forward, we expect the cost per pound of production to decrease and note that any sharp spot price increases may ultimately prompt uranium sales. We reiterate our Buy recommendation on UEC and our PT of $26.75."

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Shares of Uranium Energy Corp closed at $10.65 yesterday.